A Borders-based clothing brand is gearing up to expand and prove it’s more than just the wheel deal after securing £250,000 worth of investment.
Innerleithen’s Findra was founded by designer Alex Feechan in 2014 to fill a gap in the market for cycling outfits for women, but it is now looking to build on its success so far by offering a wider range of outdoor clothing.
It has secured second-round funding of £250,000 from Tri Capital, Investing Women Angels and the Scottish Investment Bank, the investment arm of Scottish Enterprise, to bankroll that expansion.
As well as selling its gear online and via its High Street shop, Findra organises monthly events including talks, rideouts and runs to build up both community links and brand awareness.
North Lanarkshire-born Alex, 45, said: “I am delighted to have secured a second round of investment from our existing investors.
“We have laid great foundations for the business over the last few years.
“This second round of investment allows us to expand our product offering substantially, as well as growing and generating more brand awareness.
“As a team, we are very much looking forward to the next stage of the Findra journey.
Jamie Andrew, chairman of Tricapital, said: “We are very pleased to have led this round supporting another Borders-based business.
“We have been impressed with Alex’s plans for growing the company and with her ability to engage with people across a wide spectrum, from customers to employees.
“We believe that Alex has the qualities and ability to execute her growth plan effectively, and to support her in this role, Douglas Needham, from our membership, will continue to act as chairman.”
Jackie Waring, a spokeswoman for Investing Women Angels, said: “Alex is a former finalist of our AccelerateHer Awards which recognise female entrepreneurs developing a great business.
“Since getting to know her, we’ve enjoyed supporting the growth of Findra, a unique fashion brand which not only understands the needs of active women but also produces a stunning product range.
“We’re delighted to be involved in this round of investment, aimed at helping Findra achieve even greater heights going forward.”
Kerry Sharp, director of the Scottish Investment Bank, added: “Findra is a great example of an innovative, forward-thinking company focused on developing a premium lifestyle brand which has appeal across a variety of outdoor and leisure activities.
“Scottish Enterprise has provided various forms of assistance to Findra in addition to investment, and we look forward to continuing to work with the company as it expands its product range and market base to realise its long-term growth ambitions.”
Alex, an ambassador for Women’s Enterprise Scotland, has over 20 years’ experience in the global fashion and textiles industry, having worked on products for leading luxury brands such as Chanel, Calvin Klein, Escada and Brooks Brothers.